BEFORE WINNING, STOP LOSING ✋🛑🚦
One crucial concept to grasp is that your primary focus when investing should not be solely on winning but rather on preventing losses. Before aiming for victory, prioritize safeguarding your capital against losses. This may sound simplistic, but it's far more challenging than it appears, as it involves navigating numerous pitfalls specifically designed to ensnare beginners.
Here are some traps to avoid and reasons why:
1. Avoid delving into Futures trading. Without a doubt, you'll likely lose your capital, as trading requires extensive experience and skill. Despite claims suggesting otherwise, trading is exceptionally challenging, and your limited experience won't suffice to turn a profit.
2. Steer clear of individuals offering buying signals. In the vast majority of cases, following their advice will lead to losses. These individuals often have partnerships with crypto projects and promote specific cryptocurrencies solely for financial gain. They typically haven't invested in these assets themselves, as they understand the risks associated with relying solely on influencer promotion, which could result in precipitous price declines overnight.
3. Don't succumb to the influence of the masses. Mass consensus tends to be erroneous, whereas the market tends to be correct. When a particular cryptocurrency garners significant attention, it's usually an indication that it's already too late to buy, and it may be time to consider selling if you already hold it. This principle applies to cryptocurrencies like $SHIB, $DOGE, and others throughout the bull run.
4. Invest amounts that won't trigger psychological distress. If your bank account holds $10,000, refrain from investing more than $500 initially. Investing larger sums can lead to emotional overwhelm and inevitable losses.
I hope some will heed these recommendations.
This post reflects my personal perspective.
Thank you for taking the time
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